Paul Thomas, CPA
firstname.lastname@example.org said:I remember there is a ceiling one should pay per year. is it $6,300? or
something? I believe Turbo Tax screwed me, back then. Today I have
problem with SS earning report.
Back in 2001 the maximum earnings subject to Social Security was $84,900,
with the employee half being $5263.80.
The Social Security Administration takes the earnings reports from W-2's
submitted by your employer, plus any earnings from Schedule C, F, or
partnership earnings reported on a K-1 and your subsequent Schedule E.
Turbo Tax couldn't have "screwed you" back then or today. If your earnings
were underreported to SSA (that would have been by your employer) or the IRS
(that would be you filing out the forms), then you have an issue that you
need to correct. Remember that there may be additional tax due on the
additional earnings that should have been subjected to SE tax back then.